Duzon Bizon Achieves 22 Consecutive Quarters of Performance Improvement Amid COVID-19

Strong Performance in Core and New Businesses
Double-Digit Growth in Sales and Operating Profit
Shift to Non-Face-to-Face Work Environment Also Benefits Results

[Asia Economy Reporter Lim Jeong-su] Duzon Bizon announced that despite the spread of the novel coronavirus infection (COVID-19), its sales and operating profit showed double-digit growth rates in the first quarter of this year.

Duzon Bizon reported achieving consolidated sales of 71.2 billion KRW and operating profit of 16.3 billion KRW in the first quarter. Compared to the same period last year, sales increased by 13.8% and operating profit by 17.8%. This significantly exceeded market consensus.

Duzon Bizon explained that despite COVID-19, all business sectors including core businesses showed favorable performance, continuing a trend of performance improvement for 22 consecutive quarters. In particular, by strengthening competitiveness in the Enterprise Resource Planning (ERP) business supplied to mid-sized and large companies, sales in the Standard ERP business increased by 16.6% compared to the same period last year. The cloud and groupware sectors also showed sales growth rates of 13.4% and 18.7%, respectively.

The company’s own performance outlook is also positive. Duzon Bizon evaluated that its new growth engine business, the business platform 'WEHAGO', is rapidly settling in the market. The subscription to 'WEHAGO T', a tax accounting office-exclusive service promoted as a market entry strategy, is accelerating, and new businesses such as fintech based on big data are progressing smoothly.

Additionally, it is expected that related businesses will gain momentum due to the impact of the Data 3 Act. Duzon Bizon stated, "We will accelerate our market penetration of new businesses based on WEHAGO, such as big data distribution portal services, innovative financial services, and e-commerce platform services," and forecasted, "From the third quarter of this year, these business sectors will contribute significantly to performance."

The transition to a non-face-to-face (untact) and digital business environment due to COVID-19 is also expected to favorably affect performance. Duzon Bizon provides various services necessary for companies’ untact environments integrated at once through the WEHAGO platform on the cloud. It is known that the user base has greatly expanded by offering a remote work integrated package free of charge until June.

A Duzon Bizon official said, "With new businesses that have growth potential joining existing businesses that combine stability and profitability, we have secured mid- to long-term growth engines," adding, "We will improve cost structures through sales innovation and respond smoothly to the untact environment to ensure continuous performance growth."

This content was produced with the assistance of AI translation services.